5 March 2014
Dubai’s Deyaar Development has announced plans to expand into Dubai’s hospitality sector. It’s now known for commercial and residential development.
The company says it has chosen up to a million square feet of land for hotel and serviced apartment projects to be developed in the coming years.
It will grow its hospitality holdings "both organically and inorganically through acquisitions", it said.
"Dubai has seen a phenomenal surge in occupancy rates, crossing the 80 per cent mark in high-value areas in 2013," said Deyaar CEO, Saeed Al Qatami. "Deyaar certainly has the means to tap into this growing sector, and give our customers a bigger portfolio of investment options to choose from."